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Originally Posted by DomBuyer
The place to buy in Cali is not L.A. but Riverside county. I just spent two weeks down there and I spent a whole lot of time scoping the situation out.
While I was down there, NY Times identified Riverside as one of the top 5 hottest markets in the country, and it's easy to see why when you're there. In fact, some friends told me that developers are creating such a stress on the infrastructure with all this building that there is serious talk about creating an 8 lane freeway from L.A. out to Palm Springs.
If that happens, your investment will be virtually guaranteed, as long as it's not all the pennies you have, as KRL says, and you can stay in for a bit of time.
The other side of the coin is that many American investors are going north to major cities like Toronto and Montreal and snapping up what are, to Americans, absolute bargains. It's not just individuals who are doing this, but institutional investors, which tells you something.
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I agree with some of your post, but for the most part I wouldn't touch Riverside in terms of real estate investment. A couple months ago Smart Money mag ranked the inland empire as one of the top 3 overvalued areas in the country. Also, Riverside gets hit hard when Cal goes into an economic recession and real estate seems to go down just as hard. ie (early to mid 90's) Real estate in so Cal has been flatlined since last Sept and all indicators are suggesting this will be a year of only single digit increases if any.
Right now Phoenix is the hottest real estate market in the country. Instead of investing here in San Diego, I'm building a new 5br home w/ pool in the southeast valley of phx that will be done in June. I bought it last Sept for 300k and the builder is selling that floorplan now for 400k and expected to be 425k when I close in two months, not bad for 9 months. Whats happening there is what happened to Cali last year and Vegas two years ago. Phoenix should continue to increase rapidly the rest of this year and eventually slowdown probably by next Jan. Housing there went up 7% in Feb and 8% in March. If these increases continue housing will double there during the calendar 05 year, not even including the phenomenal growth of 04.
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